The IFSC (Indian Financial System Code) is a unique alphanumeric code used to identify individual bank branches in India. It is an 11-character code that consists of both letters and numbers. The IFSC code is used for electronic fund transfers, such as NEFT (National Electronic Funds Transfer) and RTGS (Real-Time Gross Settlement), enabling smooth and secure transactions between different banks and their branches across the country. The IFSC code plays a crucial role in ensuring accuracy and efficiency in the transfer of funds.
Unstructured Supplementary Service Data (USSD) Service is a mobile service. USSD is a technology used by mobile network operators to provide interactive services to mobile phone users. It allows users to communicate with a service provider's computer systems through short codes (e.g., *XYZ#) on their mobile phones.
The Special Drawing Right (SDR) is calculated based on a basket of five major international currencies, which includes: US Dollar (USD) Euro (EUR) Japanese Yen (JPY) British Pound Sterling (GBP) Chinese Yuan (CNY) These five currencies are used to determine the value of the SDR, and their respective weights in the SDR basket are periodically reviewed and adjusted by the International Monetary Fund (IMF) to reflect changes in the global economy. The SDR serves as an international reserve asset and is used by IMF member countries for various purposes, including exchange rate calculations and providing liquidity during balance of payments problems.
Ravi Chopra had resigned as the chairman of the Supreme Court-appointed high-powered committee on the Char Dham project. The Char Dham project aims to improve the connectivity and infrastructure for pilgrims visiting the four holy shrines in Uttarakhand, India, namely, Badrinath, Kedarnath, Gangotri, and Yamunotri.
The International Development Association (IDA) is an arm of the World Bank. It is one of the five institutions that make up the World Bank Group, with the others being the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID).
NPCI is an umbrella organization for operating retail payment and settlement systems in India. It plays a crucial role in developing and managing various digital payment platforms and services, including USSD-based mobile banking. Through NPCI, banks and financial institutions can connect and offer USSD-based services to their customers, enabling them to perform banking transactions and access financial services conveniently using their mobile phones.
100% Foreign Direct Investment (FDI) is allowed in e-commerce companies operating in India. The Indian government permits 100% FDI under the automatic route in the marketplace model of e-commerce. Under this model, e-commerce platforms act as intermediaries, connecting buyers and sellers, and they are not allowed to hold inventory or sell products directly to consumers.
The National Investment and Infrastructure Fund (NIIF) of India is established under the regulations of SEBI (Securities and Exchange Board of India). The NIIF was created as an alternative investment fund (AIF) and falls under the regulatory framework of SEBI. It operates as a Category II AIF, which allows it to raise funds from both domestic and foreign investors to invest in various infrastructure and related sectors in India. The fund seeks to attract long-term investment for infrastructure projects and aims to accelerate economic growth and development in the country.
The Post Office Savings Bank (POSB) in India had the largest network, accounts, and annual deposits compared to any other banking institution in the country. The POSB, operated by India Post, offers various savings and investment products, such as savings accounts, fixed deposits, recurring deposits, and other small savings schemes, to the public. India Post has an extensive network of post offices across the country, including rural and remote areas, making it easily accessible to a vast number of people.
The maximum amount that can be transferred through Immediate Payment Service (IMPS) was Rs. 2,00,000 (Rupees Two Lakhs) per transaction. IMPS is an instant interbank electronic fund transfer service in India, which allows customers to send and receive money in real-time, 24x7, throughout the year.
Among the options provided, "Letter from any recognized public authority" is not generally acceptable as address proof for opening a bank account by an individual. While other options like "Domicile certificate" and "A rent agreement indicating the address of the customer duly registered with State Govt." are commonly recognized as valid address proofs, a letter from any recognized public authority may not be sufficient for this purpose.
If a bank wants to introduce a new deposit scheme, the approval for the same is typically given by the respective bank's Board of Directors. The Board of Directors is a group of individuals responsible for overseeing the management and decision-making process of the bank. They are usually appointed by the shareholders of the bank.
A savings bank account that remains inactive or does not have any transactions for a specified period, usually more than 24 months, is called a "Dormant Account." In some cases, this period may vary depending on the bank's policies or regulatory guidelines.
NEFT (National Electronic Funds Transfer) is applicable to account holders only. NEFT is a payment system used for transferring funds electronically between bank accounts within India. To initiate an NEFT transaction, the sender must be an account holder with a bank in India, and the recipient must also have an account with a bank in India.
The Department for Promotion of Industry and Internal Trade (DPIIT), which was formerly known as the Department of Industrial Policy and Promotion (DIPP), is the nodal agency responsible for providing licenses and regulating foreign direct investment (FDI) in e-commerce companies operating in India, including foreign e-commerce companies. The DPIIT formulates and implements the FDI policy in various sectors, including e-commerce, and issues guidelines and regulations related to foreign investment in e-commerce businesses. Any foreign e-commerce company looking to operate in India or seeking to invest in the Indian e-commerce sector must comply with the FDI policy guidelines issued by the DPIIT.
In the acronym DIPAM, 'A' stands for "Asset." DIPAM stands for the Department of Investment and Public Asset Management. It is a department under the Ministry of Finance, Government of India. DIPAM is primarily responsible for managing and overseeing the disinvestment and strategic sale of the government's equity in public sector enterprises to meet the government's divestment targets.
